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Culture Documents
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For Admission in
CA CPT, IPCC, Final
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Contact
Vidya Sagar Institute
6, Vidya Sagar Lane, Lal Khoti, Tonk Road, Jaipur
www.vsijaipur.com e-mail vsijaipur@yahoo.com
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From 22
nd
June 2015
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Time : 2 Hours
Session 1st
Part A Fundamentals of Accounting
1.
All fixed assets are put together and all current assets are put together, under which of the following
accounting stages?
(a) Recording
(b)
Communication
(c) Analysis
(d)
Interpretation
2.
Mr. Z purchased good for Rs. 20,00,000 and sold 4/5th of goods for Rs. 22,00,000, of which he received Rs.
20,00,000 in cash . His expenses amounted to Rs. 2,50,000 during the year. Mr. Z counted of the net profit
as Rs. 1,50,000 for that year. Which concept is violated ?:
(a) Entity
(b)
Periodicity
(c) Conservatism
(d)
Accrual
3.
When recording of a transaction , substance of that transaction should be considered and not its legal form.
This statement is according to _________
(a) Substance over form
(b)
Disclosure of Accounting Policy
(c) Both a) & ( b
(d)
None of the above
4.
All of the following are the advantages of accounting standards, except _________________
(a) Accounting standards cannot override the statute
(b) accounting standards reduce to a reasonable extent confusing variable of the accounting treatments.
(c) Accounting standards cal for disclosure beyond that required by law.
(d) Accounting standards facilitate comparison of financial statements of companies
5.
Wrong valuation of spares and tools was made but it was disclosed that wrong valuation is made. Which
statement is correct:
(a) It does not present true and fair view even if disclosure is made
(b) It gives true and fair view because it is disclosed
(c) It is irrelevant
(d) None of these
6.
Government raised funds through taxes and spent them for the public expenditure. The deficit or surplus
at the end of the year is
(a) Transaction
(b)
An event
(c) Transaction as well as event
(d)
neither a transition, nor an event
7.
8.
9.
(b)
(d)
Ommission errors
All of the above.
10. The suspense A/c facilities the preparation of ____________even if the _______________________has not been
balanced.
(a) Trial Balance and Financial Statements
(b)
Ledger and Trial Balance
(c) Trial Balance and Ledger
(d)
Financial Statements and Trial Balance
11. Premium on Redemption of Debentures A/c is _____________________A/c :
(a) Personal
(b)
Real
(c) Nominal (Income)
(d)
Nominal (Expense)
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(b)
(d)
Cash Book
None of these
17. The cash book showed a credit balance of Rs. 9,000 but the pass book made up the same date revealed that
a cheque of Rs. 2,000 had not been presented for payment and a cheque of Rs. 3,000 paid into account had
not been cleared. The balance as per pass book will be :
(a) Rs. 8,000
(b)
Rs. 10,000
(c) Rs.14,000
(d)
None
18. The bank balance as per Cash book on 31st December is Rs. 8,560
From the following particulars find out the bank balance as per pass book
(i)
On 18th December, the debit balance of Rs. 1,700 was recorded ad Credit balance in cash book
(ii) A cheque of Rs. 500 issued, was recorded twice in the cash book
(iii) A cheque of Rs. 250 issued, was not recorded in cash book
(iv) Dividend collected Rs. 250 and subscription paid Rs. 100 by bank were not recorded in cash book
(a) Rs. 12,360
(b)
Rs. 7,560
(c) Rs.10,660
(d)
Rs. 12,660
19. The following are the features of perpetual inventory system except________________
(a) Inventory control can be achieved under this system
(b) Inventory cannot be determined without affecting the operations of the business
(c) This provides information about the cost of goods sold
(d) This is costlier method than periodic inventory system.
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Rs.6,30,000
Rs.30,000
Rs. 6,00,000
Delivery charges
Rs.15,000
Erection charges
Rs.15,000
Annual maintenance charges
Rs. 25,000
Additional spares to increase earning capacity
Rs 40,000
Annual Insurance premium
Rs.10,000
Calculate depreciation for the 3rd year under WDV method if rate of deprecation is 10%
(a) Rs. 51,840
(b)
Rs. 54,270
(c) Rs. 56,295
(d)
Rs. 57,105
600
560
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(b)
(d)
89,000
1,01,000
28. Mr. Daru and Paru have following transactions between them:
(i)
on April ,1 ,2014 Mr. Daru owes Paru Rs. 15,000
(ii) on 15 april Mr. Daru purchased goods of Rs. 75,000 from him.
(iii) During April Mr. Paru get a cash memo to him for Rs. 10,000 in urgent need of money.
(iv) % cash discount taken by Daru after clearing half of his dues to Paru
Calculate discount received by Daru during April 2014.
(a) Rs. 225
(b)
Rs. 250
(c) Rs.162.50
(d)
Rs.187.50
29. A firm has 8employees, each getting a salary of Rs 8,000 pm after 1 st January 2014 salaries increased by 10
on 1st July 2014 they employed two trainees at salary of Rs 2,500 each per month the firm paid 11months
salaries only and has to pay the last one months salaries the amount of total salary paid and outstanding
as on 31 12-2014 will be ___________
(a) 7,04,000 : 69,000
(b)
7,99,400: 75,400
(c) 7,64,000 : 64,000
(d)
none of these
30. M/s X, Y and Z are in retail business. The following information is obtained from their records for the year
ended 31-03-2014.
Goods received from suppliers
Rs 17,25,000
(Subject to trade discount & taxes)
Trade discount 3% and Sales Tax 11%
Packaging & Transportation Charges
Rs 95,000
Sales
Rs 25,00,000
Selling price of closing inventory
Rs 4,00,000
Find out the historical cost of inventory by using adjusted selling price method.
(a) Rs 2,50,680
(b)
Rs 2,69,280
(c) Rs 2,14,575
(d)
None of these
31. X Ltd. Profit and Loss account for the year ended 31st December 2011 includes the following information.
Depreciation
Rs 84,500
Bed Debts
Rs 2,500
Increases in provision for doubtful debts
Rs 22,000
Proposed dividend
Rs 73,200
Retained profit for the year
Rs 1,22,000
Liability of tax
Rs 26,400
State what amounts should be transferred to:
i)
Provision
ii)
Reserves
iii) Neither related to provisions nor reserves
Prov
Res
No Prov./Res
(a) Rs 1,32,900
Rs 1,22,000
Rs 75,700
(b) Rs 95,200
Rs 1,22,000
Rs 1,13,400
(c) Rs 1,22,000
Rs 95,200
Nill
(d) Rs 1,22,000
Rs 1,21,000
Nill
32. A bill of Exchange matures on 16th July. Suddenly it was declared as bank strike and the next day is Sunday.
Then the due date of the bill will be_____________:
(a) 15th July
(b)
17th July
(c) 18th July
(d)
16th July
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The company wants to create a debenture redemption reserve and to transfer Rs.50,000 every year
out of redeem the debentures
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(b)
(d)
Nominal damages
None of the above
63. The court in a case, may order specific performance of the promise made by a party in a contract?
(a) When a contract is voidable
(b) When damages are adequate remedy
(c) When defaulting party is not ready to pay damages
(d) When damages are not adequate remedy
64. In which of the following cases restraint of trade is valid?
(a) Mutual agreement
(b)
(c) Business contingency
(d)
Sale of goodwill
All of the above
65. One person wants to travel from Tirupathi to Chittgong. The bus travelling from Tirupathi to Chittgong
comes to the bus station. it is an :
(a) Implied offer
(b)
Express offer
(c) Specific offer
(d)
None
66. X agreed to purchase a ring from S. X believed that ring was a diamond ring. S knows that X was under a
mistake and did not disclose the fact. :
(a) cannot cancel the contract
(b)
can cancel the contract
(c) can cancel the contract under fraud
(d)
can claim for damages
67. X and Y entered into a contract, one part of which is legal and another is illegal, the illegal part is not
separable from the legal part, the agreement is?
(a) valid
(b)
void
(c) voidable
(d)
none of the above
68. --------------denotes that the parties to a contract are not bound under the contract:
(a) Breach of contract
(b)
waiver of contract
(c) rescission of contract
(d)
Discharge of contract
69. A is a manufacturer of ball pens. He advertises in the trade press that in future the retail price of his pen
will be Rupees 5 and strict action will be taken against who is not observing this price. B had read the
advertisement, but he forget and retails the pen at Rupees 8. Advice A----(a) A can take a serious action against B because it was clearly written in the advertisement
(b) A cannot take any action as there is no privity of contract between A and B
(c) A cannot take any action as it is an unintentional mistake
(d) A can take a serious action against B because he read the advertisement before retailing
70. X nephew ran away from house. Y the servant of X find the Xs nephew without knowing the X reward for
finding nephew------ :
(a) Y cannot recover because he cannot accept the offer
(b) Y cannot recover any expenditure incurred by him
(c) Y can recover from X
(d) Y can recover by order of court
71. N singer contracted with a theatre manager to sing a song. due to her illness she failed to perform the
contract, she received 20000 as advance------ :
(a) N must refund 20000
(b)
N need not refund 20000
(c) they must enter into new agreement
(d)
none of these
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73. Mohan invited Sohan for a dinner. Sohan by expending Rupees 200 went to Mohans house. By the time
Sohan reached Mohans house it was locked and Sohan stayed in a Hotel. Can sohan___________________:
(a) Sue Mohan for damages
(b)
Cannot sue against Mohan
(c) Sue Mohan for the total charges
(d)
None of the above
74. Peter buys a mosquito killer machine assuming that it is worth Rupees 50000. But actuallyit costs Rupees
5000. The remedy available to Peter___________:
(a) He can avoid contract on the ground of mistake
(b) He cannot avoid contract on the ground of mistake
(c) He can claim Rupees 5000
(d) He can claim Rupees 50000
75. A made an agreement with B to pay price for negotiating his marriage, after his marriage he does not pay,
what remedies available to B----(a) B can claim such price
(b) B cannot claim price, as it is against public policy
(c) B can claim conditionally
(d) None of the above
76. If any one of the joint promisors makes a default in making contribution. How will it be settle down by
other promisors?
(a) Representative of promisor will be liable to contribution
(b) Contribution will be dismissed automatically
(c) Representative of a promisor will be liable along with other joint promisors
(d) The remaining joint promisors will be liable to contribute
77. Kedar promised to pay Rs.5000 to car repairer the car repairer incurred expenses but Kedar refused to
pay the agreed amount. Is the car repairer can?
(a) Car repairer can claim incurred expenses
(b)
The car repairer can claim Rs.5000
(c) Car repairer cannot claim Rs.5000
(d)
Car repairer cannot file a suit
78. An agreement with minor is
(a) Valid
(c) Voidable agreement
(b)
(d)
Void ab initio
None of these
(b)
(d)
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(b)
(d)
(b)
(d)
87. Viru agrees to buy the crop of rice that would yield in Ys farm located in Punjab at the rate of Rupees 2000
per 100 kg. this deals under the sale of Goods Act,1930 :
(a) Agreement for sale of present goods
(b)
contract of sale
(c) Agreement for sale of future goods
(d)
None of the above
88. Under the sale of goods act 1930, In case the seller delivers to the buyer a quantity less than the goods
brought under the contract, the buyer
(a) May reject the whole goods delivered
(b) Should not reject the goods delivered as more quality might he demanded
(c) May resell the goods delivered
(d) Gives price less than contracted price for the goods delivered
89. A agreed to sell 100 quintals of rice to B, B does not like that quality and refuse them-___________________:
(a) B can do so and he is not liable for any loss
(b) B can do so, but he is liable to pay for care and custody of goods
(c) B has no right to do so but he is liable to pay damages
(d) None of the above
90. A partner without having real interest, can give the name to the partnership?
(a) Active partner
(b)
Dormant partner
(c) Nominal partner
(d)
None of the above
91. When firm is compulsory dissolved?
(a) All the partners are insolvent
(c) All but not one become insolvent
(b)
(d)
(b)
(d)
Illegal association
None of the above
93. Under Indian partnership Act, 1932. In the absence of any agreement to the contrary all the partners of the
firm are
(a) Entitled to profits in capital ratio
(b) Entitled to profits according to seniority
(c) Entitled to profits equally
(d) Entitled to profits according to their balance in current account
94. The liability of a newly admitted partner in a partnership firm__________?
(a) Liable to the debts before admission
(b)
Liable to debts after admission
(c) Any time after his retirement upto death
(d)
Liable before or after admission
95. In the absence of partnership deed partners are entitled to
(a) salary
(b)
(c) Interest on capital
(d)
interest on loan
share of profits in capital ratio
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Answers
1
11
21
31
41
51
12
22
32
42
52
13
23
33
43
53
14
24
34
44
54
15
25
35
45
55
16
26
36
46
56
17
27
37
47
57
18
28
38
48
58
19
29
39
49
59
10
20
30
40
50
60
Answers
61
71
81
91
62
72
82
92
63
73
83
93
64
74
84
94
65
75
85
95
66
76
86
96
67
77
87
97
68
78
88
98
69
79
89
99
70
80
90
100
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Time : 2 Hours
Session 2nd
Part A General Economics
(b)
(d)
02. When the Economy makes technological progress, then PPC will shift?
(a) Inward to the left
(b)
Rightward to the right
(c) A movement along the same curve
(d)
A point outside the curve
03. Indians economy can best described as ______________
(a) Capitalist economy
(c) Traditional economy
(b)
(d)
Socialist economy
Mixed economy
04. When the price of a commodity increases from Rs. 8 to Rs. 9 then the demand decreases by 10%. The price
Elasticity of demand is ___________________:
(a) 0.8
(b)
0.9
(c) 1
(d)
1.1
05. When TU is maximum, MU is:
(a) Zero
(c) Fall
(b)
(d)
Negative
Positive
(b)
(d)
Immediate importance
All of the above
(b)
(d)
(b)
(d)
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0
48
1
73
2
94
3
114
24
20
4
130
(b)
(d)
5
148
6
168
7
189
16
21
15. An IC curve is a curve which represents all those combinations of two goods which give _____________
satisfaction to the consumer.
(a) Greater
(b)
Increasing
(c) Decreasing
(d)
Equal
16. Production is defined as :
(a) Creation of matter
(c) Creation of infrastructural facilities
(b)
(d)
(b)
(d)
Demand
Both a) & b)
(b)
(d)
1-C, 2 B, 3- D, 4-A
1-A, 2 B, 3- C, 4-D
(A)
(B)
(C)
(D)
oil seeds
Fish
Milk
Agriculture
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(b)
(d)
26. Which of the following taxes are imposed by the state Govt.?
(a) Entertainment tax
(b)
(c) Income tax
(d)
Indirect
Regressive
Corporate tax
Custom duties
(b)
(d)
GNP at MP - NFIA
GNP at FC - NFIA
28
35
Kerala
Haryana
(b)
(d)
Balance of service
Foreign investment
(b)
(d)
Increase in production
Equitable distribution
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(b)
(d)
Deposit mobilization
Mixed economy
45. The RBI Classifies currency with public plus demand deposits with the public.
(a) M1
(b)
M2
(c) M3
(d)
M4
46. Monetary policy in India is formulated by:
(a) FICCI
(c) RBI
(b)
(d)
Planning commission
Govt. of India
(b)
(d)
Store of value
Employment generation
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1-m + 3n
m+3n+1
(b)
(d)
m-1+3n
None of these
(b)
(d)
1
6
(b)
(d)
5:7
3:7
54. If one type of rice of cost Rs. 13.84 is mixed with another type of rice of cost Rs. 15.54. the mixture is sold at
Rs. 17.6 with a profit of 14.6% on selling price then in which proportion the two types of rice mixed?
(a) 3 : 7
(b)
5:7
(c) 7 : 9
(d)
9:1
55. If , are the roots of the quadratic equation 2x2 4x = 1, then the value of
(a)
(c)
-11
-22
(b)
(d)
+ :
22
11
56. The age of a person is 8 years more than thrice the age of the sum of his two grandsons who were twins.
After 8 years his age will be 10 years more then twice the sum of the ages of his grandsons. Then the age of
the person when twins born is_____________ :
(a) 86 years
(b)
73 years
(c) 68 years
(d)
63 years
57. Roots of the cubic equation x3 7x + 6 = 0 are ____________:
(a) 1,2,3
(b)
(c) 1,2,-3
(d)
1,-2,3
1,-2,-3
58. In a school number of students in each section is 36. If 12 new students are added, then the number of
sections are increased by 4, and the number of students in each section becomes 30. The original number
of sections at first is:
(a) 6
(b)
10
(c) 14
(d)
18
59. A person on a tour has Rs. 9600 for his expense. But the tour was extended for another 16 days, so he has
to cut down his daily expenses by Rs. 20. The original duration of the tour had been?
(a) 48 days
(b)
64 days
(c) 80 days
(d)
96 days
60. The common region represented by the in equalities 2x + y 8, x + y 12, 3 x + 2y 34 is:
(a) Unbounded
(b)
In feasible
(c) Feasible and bounded
(d)
Feasible and unbounded
61. A sum of money will be doubled itself in 8 years at S.I. In how many years the sum will be tripled itself?
(a) 20 years
(b)
12 years
(c) 16 years
(d)
None of these
62. A sum of 44,000 is divided into 3 parts such that the corresponding interest earned after 2 years, 3 years
and 6 years may be equal at the rate of simple interest are 6% p.a., 8% p.a., & 6% p.a. respectively. Then
the smallest part of the sum will be:
(a) Rs. 4,000
(b)
Rs. 8,000
(c) Rs. 10,000
(d)
Rs. 12,000
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[10n+1 9n 10]
(b)
[10n+1 9n 10]
(d)
None of these
69. N is the set of all natural numbers and E is the set of all even numbers. If f : N
all x N is:
(a) One one and onto
(b)
One one into
(c) Many one onto
(d)
Cant say
70.
:
(a)
log
(b)
(c)
log 6
(d)
None of these
(b)
(d)
Continuous at x = 0
Not continuous
71. f(x) =
(a)
(c)
(a)
(b)
(c)
(d)
(a)
(b)
(c)
(d)
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dx is equal to:
(a)
(c)
75.
(b)
1-
(d)
2-
(b)
e-1
dx:
(a)
(c)
(d)
(e 1)
76. The number of observation between 150 and 200 based on the following data is:
Value
Number of
Observations
(a)
(c)
More
than
100
More
than
150
More
than
200
More
than
250
70
63
28
05
46
28
(b)
(d)
35
23
77.
No. of
0
1
2
accidents
Frequency
12
9
11
In how many cases 4 or more accidents occur?
(a) 32
(c) 26
(b)
(d)
13
41
18
78. The curve obtained by joining the points, whose x-coordinates are the upper limits of the class-intervals
and y coordinates are the corresponding cumulative frequencies is called:
(a) Ogive
(b)
Histogram
(c) Frequency Polygon
(d)
Frequency Curve
79. Histogram is used for the presentation of the following type of series:
(a) Time series
(b)
Continuous frequency series
(c) Discrete series
(d)
Individual series
80. If the Harmonic means of two numbers is 4 and Arithmetic mean (A) and Geometric mean (G) satisfy the
equation 2A + G2 = 27 then the two numbers are:
(a) (1, 3)
(b)
(9,5)
(c) (6,3)
(d)
(12,7)
81. The perpendicular line drawn from the intersection of two ogives which touches at _________ point in X-axis:
(a) Median
(b)
Mode
(c) Third quartile
(d)
First quartile
x 100
(b)
x 100
(d)
None of these
(b)
MD increased by 5
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QD increases by 5
(d)
None affected
(b)
(d)
100
500
(d)
88. P(A1) = 3/8; P(A2) = 2/3; P(A1 A2) = then A1 and A2 will be:
(a) Mutually exclusive & independent
(b)
Exclusive but not independent
(c) Independent but not exclusive
(d)
None of these
89. The sum of two numbers obtained in a single throw of two dice is S. Then the probability of S will be
maximum when S=
(a) 5
(b)
7
(c) 6
(d)
8
90. An unbiased coin is tossed 3 times, the expected value of the number of heads is:
(a) 2.5
(b)
1.0
(c) 1.5
(d)
2
91. In the Binomial distribution the parameters are n and p, then X assumes value:
(a) Between 0 and n
(b)
Between o and n both inclusive
(c) Between 0 and 1
(d)
Between o and
92. In ______________ distribution, Mean = Variance:
(a) Binomial
(c) Normal
(b)
(d)
Poisson
None of these
(b)
(d)
99%
99.37%
94. If a random sample of size 2 with replacement is taken from a population containing the units
then the sample space would be:
(a) (1,3) (1,5) (3,5)
(b) (1,1) (3,3) (5,5)
(c) (1,3) (1,5) (3,5), (3,1) (5,1) (5,3), (1,1) (3,3) (5,5)
(d) (1,3) (3,1) (1,5) (5,1) (3,5) (1,1) (3,3) (5,5)
1, 3 and 5
95. Which sampling provides separate estimates for population means for different segments and also an
overall estimate?
(a) Multistage sampling
(b)
Stratified sampling
(c) Simple random sampling
(d)
Systematic sampling
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Weights
Estimate
(b)
(d)
Classes
None of these
(b)
(d)
100. If with a rise of 10% in prices the wages are increased by 20% the real wage increases by:
(a) 10%
(b)
More than 10%
(c) 20%
(d)
Less than 10%
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Answers
101
102
103
104
105
106
107
108
109
110
C
B
D
A
A
D
B
C
A
C
111
112
113
114
115
116
117
118
119
120
B
B
B
C
D
B
A
B
B
B
121
122
123
124
125
126
127
128
129
130
C
D
A
C
B
A
B
D
B
A
131
132
133
134
135
136
137
138
139
140
D
A
D
B
C
D
C
C
D
A
141
142
143
144
145
146
147
148
149
150
D
C
D
C
A
C
D
A
C
C
A
A
D
A
A
C
D
C
B
C
191
192
193
194
195
196
197
198
199
200
B
B
C
C
B
A
A
A
A
D
Answers
151
152
153
154
155
156
157
158
159
160
A
D
A
A
C
B
C
D
C
C
161
162
163
164
165
166
167
168
169
170
C
B
C
B
C
A
C
C
A
B
171
172
173
174
175
176
177
178
179
180
C
B
A
C
D
B
C
A
B
C
181
182
183
184
185
186
187
188
189
190
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